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The wearable technology market is expected to reach USD 410.2

New York, United States, Sept. 21, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Wearable Technology Market Research Report Information By Product, Technology, Components, Applications and Region – Forecast to 2030”, to reach USD 410.2 billion at a CAGR of 31.20% by 2030.

Wearable Technology Market Analysis

Rise in Chronic Diseases to Support Market Growth

The increasing prevalence of chronic diseases and obesity will drive the market growth over the forecast period. This has contributed to the adoption of wearable products that offer real-time data on a user’s general well-being, such as activity trackers and body monitors. In addition to physiological data such as heart rate, blood pressure, blood oxygen level, cholesterol level and calories burned, these wearable devices provide information on daily activities.

Report Scope:

Report Metrics Details
Market size in 2030 $410.2 billion
CAGR 31.20% (2022-2030)
Key market opportunities The rise of niche markets, the presence of a reduced number of competitors
Key Market Drivers growing popularity among the population,
The increase in demand for smartphones.

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Wearable Technology Market Opportunities

Increased internet penetration to provide strong opportunities

Growing internet penetration coupled with high adoption of smart wearable devices will provide strong opportunities for the market over the forecast period.

Constraints

Limited battery life to act as market restriction

Limited battery life and unresolved regulatory issues and vulnerability of healthcare information may act as restraints for the market during the assessment period.

Challenges

High brightness requirement to act as market challenge

The high need for brightness and high power consumption may pose challenges for the market during the forecast period.

Wearable technology market segmentation

The global wearable technology market is divided on the basis of application, component, technology, and product.

By product, wristwatches will dominate the market over the forecast period.

By technology, the wearable technology market is segmented into network sensors, display and computing.

By components, the wearable technology market is segmented into connectivity, sensing, battery, memory and control.

By applications, consumer electronics will dominate the market during the forecast period.

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COVID-19 Analysis

The outbreak of COVID-19 during the first part of 2020 has hurt market growth projections. Manufacturing facilities were briefly closed due to global lockdown restrictions imposed by various governments. However, as people’s concerns about their own health increased, the market expanded in the second half of 2020. The trend is likely to continue during the projection period as well. The prevalence of wearable technologies and devices in today’s healthcare industry has increased due to the pandemic.

Regional analysis

APAC leads the wearable technology market

An important manufacturing center is the APAC area. Large manufacturing facilities are present in countries like China and India in a variety of industrial sectors (including consumer electronics, automotive manufacturing, and heavy materials, among others). This opens up countless opportunities for businesses and industrial applications of wearable technology to grow at the fastest pace in the industry. The major factors driving APAC to take the largest market share are rising per capita income in developing countries, high population density in many countries in the region, and low cost of wearable devices for consumers offered by manufacturers in India and China. as well as countries like Japan, China, Singapore and Australia, which are proving to be digitally mature markets. Sony Corp. (Japan), Samsung Corp. (South Korea), Panasonic Corp. (Japan) and LG Electronics are among the major consumer electronics manufacturers in the region (South Korea).

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Due to increasing purchasing power, increasing tech-savvy population, and presence of numerous major market players in the region, the Asia Pacific wearable technology market is expected to grow positively . Due to cheap operating and labor costs, some companies in the industry are also expected to relocate their manufacturing operations to the Asia-Pacific region. Moreover, it is likely that the growing urban population in the region will encourage the adoption of wearable technologies, fueling the expansion of the market. Due to changing lifestyles, an increase in demand for wearable medical devices, and the region’s reputation for sports and fitness, the wearable device market in Asia Pacific is expected to grow in Highest CAGR and expected to lead the industry in the future. Since these two nations have the highest populations on the planet, China and India would account for most of the growth in the rest of the Asia-Pacific region. Additionally, wearable technology is offered at low and affordable prices in China and India, which could accelerate the adoption of consumer electronics as a whole.

North America to See Significant Growth in Wearable Technology Market

In 2020, North America dominated with over 34.7% of global revenue. The area is home to many tech-related companies including Apple Inc., Garmin Ltd. and Alphabet, as well as a large online community. Additionally, a number of industry participants are taking steps to improve their business processes and expand their geographic reach. For example, Xiaomi Corporation declared its entry into the North American market in May 2017. Over the projected period, this is expected to benefit the wearable technology market. The region of the world known for its technological advancement is North America. The use of advanced technologies has increased the need for sophisticated and versatile equipment. The market in this area is mainly driven by rising disposable income and a high adoption rate of the latest wearable technology. Moreover, the presence of well-known companies like Apple, Garmin, and Fitbit is helping the expansion of the wearable technology sector in the region. Due to the early adoption of technology and the region serving as a global hub for technological innovation, North America now controls the wearable device market and is expected to grow at an attractive rate between 2021 and 2028 knowledge are other growth factors.

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Wearable Technology Market Key Players

Prominent industry players profiled in the Global Wearable Technology Market report include,

  • Misfit Inc. (USA)
  • Lifesense Group (Netherlands)
  • Nike Inc (USA)
  • Qualcomm Technologies Inc (USA)
  • Sony Corporation (Japan)
  • Samsung Electronics Co Ltd (South Korea)
  • Jawbone (US)
  • Fitbit (US)
  • Garmin Ltd (USA)
  • Google Inc. (USA)
  • Apple Inc (USA)
  • Xiaomi Inc (China)
  • Adidas AG (Germany)

Related reports:

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Wearable Tracking Devices Market Share, Outlook and Growth Analysis by Types, Application, Sales Channel, End User – Forecast to 2027

Americas Wearable Medical Devices Market, By Type, By Application, By End Users – Forecast to 2027

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Market Research Future (MRFR) is a global market research company that prides itself on its services, offering comprehensive and accurate analysis regarding various markets and consumers around the world. Market Research Future has the distinct objective of providing clients with top quality research and granular research. Our market research by products, services, technologies, applications, end users and market players for global, regional and country market segments enables our clients to see more, know more and do more , which helps answer your most important questions. questions.

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